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New York debt relief, settlement, and consolidation.Fri, 09 Feb 2018 23:11:05 +0000en-UShourly1How to Balance Love and Moneyhttps://attorney-newyork.com/balance-love-money/
https://attorney-newyork.com/balance-love-money/#respondFri, 09 Feb 2018 15:18:34 +0000https://attorney-newyork.com/?p=9936There are no written rules on how to balance love and money. However, whether you are married, dating, engaged, whatever the case, it is important to balance love and finance. You want to give your partner the world and make them happy – but that desire could lead to being unhappy if you get yourself […]

However, whether you are married, dating, engaged, whatever the case, it is important to balance love and finance. You want to give your partner the world and make them happy – but that desire could lead to being unhappy if you get yourself into unwanted debt.

Here are a few ways you can learn to balance love and money in your relationship:

Mine Versus Yours

If you and your partner have joint and separate financial accounts, it is important to keep track of how you spend the money in your joint accounts.It is important to always communicate so you can be on the same page. Set spending limits for yourselves, contribution amounts each month and try to replenish when one of you takes from the account. It is also important to avoid pulling the “my money,” card. This will make your partner feel as if they are less than equal and lead to more problems in the future.

Avoid the Guilt Trip

It is important to not make your spouse feel guilty when it comes to money. If they make you feel guilty about spending/ not spending money on you then there will be tension. It is important to recognize if you cannot afford to give your partner what they desire and be able to effectively communicate that with them. Making your partner feel guilty will only put a wedge between you; use any opportunity to openly and effectively communicate your situation with them to ensure you have a mutual understanding.

Give What You Can

If you can afford to take them out to a nice dinner or get them the gift they want, then do it. As long as it does not compromise your financial health and fits into your budget, going the extra mile will make them feel loved and appreciated. They will remember times you did spoil them in times when you may not be able to afford to. This will help show them you are not being “cheap,” just that you simply cannot afford to fill their wants at that point in time.

Appreciate the Other

No matter how big or small your partner’s contributions are, appreciate them all equally. Money can be a sore subject and is a large reason many couples divorce. You should let your partner know their efforts are appreciated; this will go a long way in ensuring you are both happy in the long run. Whatever your partner brings to the table should not be belittled or anything along those lines. Your partner cannot help if they don’t make as much as you but they can still give everything they are financially capable of.

Money cannot buy happiness but it certainly can ruin it. Money can’t give you a companion and love can’t pay the bills, but together love and money can create one happy life. Need help learning how to properly budget? Have unwanted debt you need help managing? Give us a call today or leave a comment below.

]]>https://attorney-newyork.com/balance-love-money/feed/0Benefits of Improving Your Credit Scorehttps://attorney-newyork.com/benefits-improving-credit-score-2/
https://attorney-newyork.com/benefits-improving-credit-score-2/#respondWed, 07 Feb 2018 14:55:08 +0000https://attorney-newyork.com/?p=9925Credit scores: everyone strives to ensure they maintain a good one, but may not always take the necessary steps to get the credit score of their dreams. It can be hard to get motivated to work towards getting that score if you aren’t seeing the effects of how a bad score can impact your life. […]

]]>Credit scores: everyone strives to ensure they maintain a good one, but may not always take the necessary steps to get the credit score of their dreams.

It can be hard to get motivated to work towards getting that score if you aren’t seeing the effects of how a bad score can impact your life. Chances are you may have seen some red flags, but didn’t pay too much attention to them.

Here are some of the benefits of improving your credit score:

Lines of Credit

Aside from higher interest rates, a bad credit score can lead you to get a smaller available credit line on your credit cards. This causes problems where you burn through that available credit, think you need more, and then take out another card. This cycle sends many people spiraling into debt without even realizing it. Bad credit can also cause you to have security deposits on utilities, an inability to get a cell-phone contract, higher insurance premiums, and even being denied certain employment opportunities. All of these are effects which many people never even think of.

It reaches all aspects of life!

Most people also don’t realize how big of an impact a good credit score can have on their lives. Bad credit can affect your romantic relationships; bringing financial issues into a relationship can be damaging especially if they are left in the dark about your low credit score and credit issues. A good credit score allows many people to negotiate their interest rates on loans, new credit cards and any other payments which may come with an interest rate such as a car payment. Good credit scores can also get you out of security deposits for utilities, cell-phone contracts, etc. You also will have an easier time being approved to rent a home or apartment. Employers even see good credit scores as a sign of reliability and therefore may be more inclined to hire someone.

It Takes Time!

When trying to improve your score, obsessing and constantly checking your credit report will not do you any good. It is important to be patient and acknowledge the fact that improving your score will take time. Certain debts such as collection accounts, even once they are paid off, may remain on your credit report for 7 years; the same goes for many other debts. It may be your instinct to call and argue to remove them, but that will not help your score. Instead, focus on paying off your other debts and slowly, but surely, you will see an improvement in your score.

Focus and Start Small

While it is a good idea to regularly check your credit score, it is better to take your time and pay off the debts that will have the most impact on your score. Paying off smaller debts very rapidly will not do the job. It will certainly help, but you must go beyond that in order to permanently fix your credit score. Take the time to look at all your debt, make a plan of action for paying it off, and go from there. Creating a budget which includes debt payments is a great way to make sure you stay on track with your goal. Other ways to improve your credit score include closing unused credit cards, paying bills on time, making up missed payments.

Have more ways to improve your credit score? Have a story on how you improved your credit score? Need help managing your debts? Give us a call today or leave a comment below!

]]>https://attorney-newyork.com/benefits-improving-credit-score-2/feed/0Tips that Will Make You a Guru in Student Loan Repaymenthttps://attorney-newyork.com/benefits-improving-credit-score/
https://attorney-newyork.com/benefits-improving-credit-score/#respondMon, 29 Jan 2018 20:10:28 +0000https://attorney-newyork.com/?p=9908So you’ve graduated college- great! Welcome to the world of student loan debt. What you’ve got is what you’re stuck with…or is it? Student loan repayment plans have many different options so believe it or not, it is possible to find a plan that works for you and your lifestyle. However, when considering these payment […]

]]>So you’ve graduated college- great! Welcome to the world of student loan debt. What you’ve got is what you’re stuck with…or is it?

Student loan repayment plans have many different options so believe it or not, it is possible to find a plan that works for you and your lifestyle. However, when considering these payment plans, it is important to consider what kind of loan you have (federal or private) and what you are looking to get out of a repayment plan- is it lower monthly payments? Do you want to pay your loans faster? Do you want to consolidate your loans? All of these are things to consider when deciding which plan is right for you.

Federal student loans tend to be much more flexible with modifying payments from changing monthly payments, number of years, or even potentially pausing your payments if you have a valid reason to do so. If you are trying to change your payment plan, it is important to call your loan provider to discuss your options and get advice as to which plan would work best for your specific situation.

Standard Repayment Plan

Most people choose the standard repayment plan which is what they are automatically enrolled in. This plan requires you to pay fixed monthly payments of at least $50 dollars for up to 10 years. People on this loan will pay off their loan faster and therefore have less interest but it may not be feasible if you cannot afford those high monthly payments.

Graduated Repayment Plan

Graduated Repayment plans tend to work better for those who may not make a lot of money right out of college. The payments start out low and then increase every two years. While your loan still does get paid off within 10 years you still end up having to pay more interest over the lifespan of your loan versus the standard repayment plan.

Extended Repayment Plan

The difference between the other plans and this plan is that the repayment window is up to 25 years versus 10 years. Borrowers have the option of creating fixed monthly payments or increasing them over time. To be eligible for the plan, you must have more than $30k in direct loans or federal family education loans borrowed after October 7, 1998.

If none of these plans work for you then there are various income-based payment options such as Income-Based Repayment, Pay As You Earn Repayment, Income-Contingent Repayment Plan, and the Income-Sensitive Repayment Plan. Each plan has different need-based requirements along with different pros and cons.

For those who go to graduate school, you may want to consider other options such as deferment or forbearance which you could potentially be eligible for. That is something to discuss with your loan provider.

Do you have tremendous student loan debt and need help? Want more tips on how to make headway in paying off your student loan debt? Leave a comment below or give us a call today!

]]>https://attorney-newyork.com/benefits-improving-credit-score/feed/0Don’t Let Money Ruin Your Relationshiphttps://attorney-newyork.com/dont-let-money-ruin-relationship/
https://attorney-newyork.com/dont-let-money-ruin-relationship/#respondMon, 29 Jan 2018 19:36:52 +0000https://attorney-newyork.com/?p=9904Love is a wonderful thing but finances can have a bigger impact on your relationship than you want to admit. Whether it is a low credit score, tremendous student loan or credit card debt, financial infidelity, or any other financial baggage, it may be more than your partner could potentially handle. Research has shown that […]

]]>Love is a wonderful thing but finances can have a bigger impact on your relationship than you want to admit.

Whether it is a low credit score, tremendous student loan or credit card debt, financial infidelity, or any other financial baggage, it may be more than your partner could potentially handle. Research has shown that 7 out of 10 couples have tension within their relationship due to money- causing many to put off talks about money or entirely avoid them, especially early on. Often times this avoidance only makes the problem worse. The key to a healthy relationship is communication- especially about the tough subjects such as money.

Here are a few tips on how to talk with your partner about money without causing stress on your relationship.

Make Sure Money is the Issue

Whether you are a newlywed or retired couple, money issues may often be deep-rooted in other issues such as self-esteem, control, and gratitude. It is important to discuss these issues with your partner and figure out if they are at the root of your fights about money. Whether one partner makes more than the other, feels taken for granted, or views it as “their” money versus “your” money, these can all be deep-rooted in more emotional issues which are being projected onto money. It is important that you and your partner are as honest as possible with each other and yourselves, that is the only way you can truly solve the problem.

Talk on Even Ground

It is important to make sure you discuss money issues with your partner in a way that is as neutral and relaxed as possible. You should both say your opinions on how to resolve money issues, how to handle joint accounts, spending habits, etc. without feeling attacked and without holding back true feelings. This is the only way to create fair compromises which both partners will truly be happy with; the goal is to find a solution, not a Band-Aid to put off the problems even longer. This is also when it is important to try to understand your partner’s feelings and where they are coming from. Doing so will make compromising easier and make each partner more comfortable.

Set Rules and Limits

Once you have figured out the root of your issues and talked openly about your views on money. You and your partner should come up with guidelines together about everything from spending limits and big purchases to how you should pay for everyday things such as groceries and utilities. Should you use a joint account for necessities? How should you set up a joint saving? How much should each of you contribute to those joint accounts? It is important to be on the same page with all of these things to ensure further communication and minimize misunderstandings.

Establishing trust when it comes to issues about money with your partner can be key in avoiding major issues down the road. Having a talk about money is important at every stage of life; sometimes it may even be beneficial to revisit your talks if one gets a promotion, loses their job if there is a major unexpected expense, etc.

Do you have more ways to prevent money from interfering with your relationship? Have a story on a money talk you had with your partner? Leave a comment below!

]]>https://attorney-newyork.com/dont-let-money-ruin-relationship/feed/0Should You Use a Personal Loan to Pay Off Credit Card Debt?https://attorney-newyork.com/use-personal-loan-pay-off-credit-card-debt/
https://attorney-newyork.com/use-personal-loan-pay-off-credit-card-debt/#respondMon, 29 Jan 2018 19:19:07 +0000https://attorney-newyork.com/?p=9899Credit card debt is a huge problem for many Americans. According to Studenloanhero.com, the average household has $6,662 dollars in credit card debt and most have even more student debt on top of that…those numbers can be staggering and very frightening. While your student loan debt may have the higher balance, credit card debt can […]

]]>Credit card debt is a huge problem for many Americans. According to Studenloanhero.com, the average household has $6,662 dollars in credit card debt and most have even more student debt on top of that…those numbers can be staggering and very frightening.

While your student loan debt may have the higher balance, credit card debt can pose an even larger threat to your financial health. Due to interest rates, minimum payments and the fact that many continue to add on to their credit card debt while trying to pay it off.

A “credit card consolidation loan” is a personal loan which is used to pay off credit card debt. These loans give people a defined repayment plan so they know exactly when they will be debt free- something which can be helpful for those who are financial procrastinators or who have trouble keeping track of what their balances are. These types of loans also help you keep track of how much interest you will definitely end up paying- that can fluctuate if you end up paying off your cards one by one depending on the varying interest rates and how much you pay each month.

Advantages

Credit card consolidation loans work best for those who have high-interest rates on multiple credit card accounts.The benefit of this kind of loan is potentially lower interest rates. Depending on your credit score, you may get a lower interest rate on your personal loan than the various rates of your different credit cards. You also would only have to worry about a single monthly payment versus 2,3,5 however many credit cards you have to pay off. That means one payment, one bill, one day you have to remember making it easier to track and budget for. You also will pay off your debts quicker since your loan has a finite lifespan whereas your credit cards don’t.

Cons

You are not guaranteed a lower interest rate. Depending on your interest rate and which loan provider you choose the lender may only offer interest rates which can reach as high as 35% APR. Consolidating your debt into one payment also may not work with your budget. Depending on what your monthly payment is, you may have to cut out certain parts of your budget which could put a large strain on you financially.

The ultimate goal is to get out of debt. so if you find you may have to use credit cards, even more, to help pay for things you need to budget for such as groceries, then consolidating your debt may not be for you. Some loan companies may also charge what’s called an “origination fee,” which is a fee used to process a loan application and the agreement. The fee can be anywhere from 1-6% of your loan amount, so it may not be worth paying or you may not be able to afford it.

Before you decide to consolidate your loan, it is important to consult a professional about your various loan options and have them calculate the amount of interest you will have to pay for each option. At the end of the day, the goal is to get out of debt as quickly as you can but without putting a strain on your everyday finances. It can be a tricky balance, but becoming debt free is certainly easier than you think.

Have tremendous credit card debt? Are you considering using a credit card consolidation loan? Leave a comment below or give us a call today!

]]>https://attorney-newyork.com/use-personal-loan-pay-off-credit-card-debt/feed/0Must-Knows About Financial Aidhttps://attorney-newyork.com/financial-aid-101/
https://attorney-newyork.com/financial-aid-101/#respondMon, 22 Jan 2018 16:56:03 +0000https://attorney-newyork.com/?p=9825February is financial aid awareness month, but what is financial aid? How do you apply for it? What factors determine how much aid you receive? These are all basic financial aid questions which are important to know. Today, student loan debt is at an all-time high and some may spend the over 20 years trying […]

]]>February is financial aid awareness month, but what is financial aid? How do you apply for it? What factors determine how much aid you receive? These are all basic financial aid questions which are important to know.

Today, student loan debt is at an all-time high and some may spend the over 20 years trying to pay back their student loans. Americans have a combined total of 1.48 trillion in student loan debt and a delinquency (default) rate of 11.2%. This staggering number can seem overwhelming, but knowing the basics of financial aid and how student loans work can help you have a better grasp on repaying your future student debts.

What is Financial Aid?

Financial aid is considered to be any form of funding which helps you pay for college; this may be in the form of grants, scholarships, loans, and work-study programs. In order to be eligible for any form of financial aid, you must complete the Free Application for Federal Student Aid, also known as the FAFSA.

How Do You Qualify for Financial Aid?

Different factors will help you qualify for different types of aid. Generally, these factors are broken down into two different categories- merit-based aid and need-based aid. Grants, work-study, and some student loans are need-based. The government calculates your financial aid needs based on the information you provide in the FAFSA such as salary, family demographics, etc. Merit-based aid is typically given out by the university or another private organization. Typically merit-based aid is a scholarship based on academic, athletic, or other talents.

Types of Financial Aid

Grants and scholarships are both forms of aid which normally do not need to be paid back. The difference is, grants are normally from the federal or state government; they are based on financial need. Scholarships are typically awarded by the college or some other private organizations; these are normally merit-based. Work study is different, it is a federally funded program which funds part-time jobs for undergrad and graduate students with a financial need. You are able to earn X amount of money per year at a job on or near your college campus.

Student loans come in two different types- federal and private. Federal student loans come with fixed interest rates. Depending on whether you are undergraduate, graduate, or parent, you can get different types of federal student loans. Private student loans are fixed or variable rate loans which you get from any bank or credit union. This is where your credit score will come into play to determine your interest rate.

How Do I Know What Financial Aid I Get?

Once you have completed the FAFSA, each college you have applied to will send you a financial aid award letter. Each package will be different and include a mix of federal, state, and institutional aid. However, just because you have been offered the aid does not mean you have to accept all of it. If you are not comfortable with the interest rate on your loans or other loan terms, you may choose to deny accepting that aid.

Need help navigating student loans and student loan debt? Want help with your FAFSA form? Leave a comment below or give us a call today!

]]>https://attorney-newyork.com/financial-aid-101/feed/03 Things You Would Never Expect to Affect Your Financeshttps://attorney-newyork.com/3-things-you-would-never-expect-to-affect-your-finances/
https://attorney-newyork.com/3-things-you-would-never-expect-to-affect-your-finances/#respondMon, 22 Jan 2018 16:31:32 +0000http://www.attorney-newyork.com/?p=556When keeping track of your finances, it is always important to know what impacts them and how. Knowing how your credit utilization, savings habits, and other factors have an effect on your finances can help you maintain stability and peace of mind. Just because you understand financial topics, doesn’t mean you have fully protected yourself. […]

]]>When keeping track of your finances, it is always important to know what impacts them and how. Knowing how your credit utilization, savings habits, and other factors have an effect on your finances can help you maintain stability and peace of mind.

Just because you understand financial topics, doesn’t mean you have fully protected yourself. So many factors have an impact on your financial well-being, even the tiniest of factors can have a huge negative impact. All the different variables can add up quickly, so here are 3 things which you never thought would affect your finances.

1. Your Sleep Schedule

Sleep is a vital part of your daily routine. Sleep deprivation can cause numerous issues including impaired brain activity, memory problems, moodiness, and even a weakened immune system. So how do these factors relate to your finances? A lack of mental awareness can lead to poor financial decision making such as knee-jerk investments, impulse purchases, etc. These irrational decisions can lead you to spend more than you can afford and in turn get yourself into tremendous debt. A compromised immune system will increase the chances that you’ll come down with a cold, or worse. The added medical expenses and days missed from work could put a significant strain on your wallet. Memory problems could also have you forget to pay your bills on time which impacts your credit score and so much more.

When it comes to sleep, consistency is key, and giving yourself a specific time to hit the hay at night could be just what you need to ensure you get enough rest. Another thing to consider is avoiding backlit devices (iPads, phones, etc) when trying to fall asleep. Light can suppress melatonin production, making it harder for you to fall asleep on time.

2. Gyms, Libraries, and Your Cell Phone

We all expect to see credit cards, student loans, and mortgages on our credit reports, but even small things such as overdue library books, unpaid cell phone bills, and missed gym fees can wind up on there as well. Recently, more and more businesses are reporting unpaid debts to credit bureaus, which can result in some surprising red marks on your credit report. These oversights can have a major impact on our credit scores and, consequently, our financial health. The debts will add up over time and in-turn can have a bigger impact on your financial health than you may think.

If you’re worried about the impact these, or any other factors might have on your credit report, you may want to take the time to review it. Sites like Annual Credit Report, Credit Karma, and Experian can provide you with a copy of your credit report for little to no cost. Taking the time to look over your report can help you identify problem areas with regards to your credit and devise plans to solve them.

3. An Unexpected Windfall

While an unexpected windfall may be exciting, “free” money isn’t always 100% free. Whether it be through gambling or inheritance, the money is usually still accompanied by a tax form. Unfortunately, some people tend to forget about this little slip of paper and spend a large chunk of their money before fully understanding what they could owe. This tends to cause many problems by the time tax season comes around. In some cases, people could potentially end up owing more than they received, causing unwanted debts. Tax laws are very confusing but professionals and online resources are a great way to prepare yourself. Doing your research and exercising a little self-control right after receiving your windfall could help you avoid a massive financial headache.

While financial surprises can be a hassle to deal with, they should be relatively easy to handle providing you already have a strong financial base. Taking the time to learn personal finance basics, building an emergency fund, and minimizing financial stressors (such as debt) can help make tackling the unexpected much easier. Have your finances ever been affected in a surprising way? Let us know in the comments below!

]]>https://attorney-newyork.com/3-things-you-would-never-expect-to-affect-your-finances/feed/0Retirement and Your Relationshiphttps://attorney-newyork.com/retirement-and-your-relationship/
https://attorney-newyork.com/retirement-and-your-relationship/#respondMon, 22 Jan 2018 16:06:52 +0000https://attorney-newyork.com/?p=9814Whether you are expecting to retire in five, ten, or even 30 years, it is still important for you and your partner to be in sync with every aspect of retirement. Retirement can be a great chapter in you and your partner’s life. However, if you are not on the same page about how you […]

]]>Whether you are expecting to retire in five, ten, or even 30 years, it is still important for you and your partner to be in sync with every aspect of retirement.

Retirement can be a great chapter in you and your partner’s life. However, if you are not on the same page about how you want to plan for retirement, what it means to you, and how you want to handle it financially, then it can become a stressor.

Here are four steps for you and your partner to take in planning for retirement together.

Learn What You Want to Get Out of Retirement

Do you want to travel? Take up a hobby? Spend more time with your family? Having an idea of what you and your partner want to do in your retirement will help you. It won’t only help you prepare financially to achieve those goals, but it will also help you to have a plan to stay active. Retirement can lead to boredom which can be detrimental to your retirement.

Figure Out the Age You Want to Retire at

Surprisingly enough, this is a question which couples frequently ignore. Some worry about retiring too early and not having enough money, others worry about wasting away their golden years. The earlier you and your partner discuss this situation the better; it will help avoid unwanted arguments and will allow you to be better prepared financially.

Have the Money Talk

Finances can be a sore subject in any marriage. It is important to see the money you and your spouse have as “ours,” not “yours” versus “mine.” Thinking of your money as separate instead of joint funds can lead to one partner trying to dominate the conversation and leave the other feeling taken for granted. These feelings can be detrimental to any marriage and may lead to a depletion of your finances if you are not on the same page.

While it’s fine to have some money kept separate, look at your finances as a whole in order to be in sync when planning your retirement. It is also important to figure out other financial variables such as what happens to your income when one of you passes? Who will you leave an inheritance and how much will it be? What debts do you have left to pay off? Putting these questions off will only cause more stress; the sooner you answer them, the sooner you will be able to enjoy your retirement.

Discuss Social Security Benefits

Before you start receiving monthly social security checks, it is important to consider who will be the “survivor beneficiary.” If you plan accordingly, you may be able to receive a higher benefit based on the spouse with the largest income; that income will then continue for the spouse who lives longest. The lower-earning spouse may also be entitled to spousal benefit while waiting for the higher benefit to kick in. These factors should be discussed between you and your partner, and potentially with your attorney who is versed in social security benefits.

Have more ways for you and your spouse to prepare for retirement? Want to learn more how to better prepare for retirement? Leave a comment below or call us today!

]]>https://attorney-newyork.com/retirement-and-your-relationship/feed/0How to Stick to Your Financial Resolutions the Right Wayhttps://attorney-newyork.com/get-back-track-new-years-financial-resolutions-right-way/
https://attorney-newyork.com/get-back-track-new-years-financial-resolutions-right-way/#respondMon, 22 Jan 2018 15:41:02 +0000https://attorney-newyork.com/?p=9805So the New Year has started and you made your financial resolutions; but have you been following through with them? Financial resolutions can be hard to stick to but there are multiple things you can do to get them back on track and make them stick. Adjust Your Budget If one of your financial resolutions […]

]]>So the New Year has started and you made your financial resolutions; but have you been following through with them?

Financial resolutions can be hard to stick to but there are multiple things you can do to get them back on track and make them stick.

Adjust Your Budget

If one of your financial resolutions was to make a budget, evaluate why you aren’t following through. Every month your spending may fluctuate based on varying expenses; a budget that is too rigid will only work against you and may cause more financial harm than good. Leave a little wiggle room in your budget each month for “miscellaneous” expenses.

Have a System

Setting up a routine to check your finances will help you stick to your financial resolutions. Whether you use a budgeting app or handwriting your expenses, you will be able to better stay on top of your expenses. Being able to continually track and stay on top of your finances will help you to stay motivated and stick to those financial resolutions.

Learn from Your Mistakes

If you know you have a problem with impulse purchases or going over your holiday budget and getting yourself into holiday debt, then it’s time to really sit down and evaluate those expenses. By evaluating what those purchases were and whether they were truly worthy purchases, you can become more financially aware and be better able to reign in your spending.

Once you become aware of your spending mistakes, you can take them and differentiate between “needs,” and “wants,” and which “wants” are worthy purchases. This is where the miscellaneous part of your monthly budget will come in. It’s alright to treat yourself every now and then, as long as it doesn’t break the bank.

Avoid Snowballing

Often times unforeseen expenses can lead to a “debt snowball.” Whether it’s due to lack of budgeting or having an unforeseen emergency expense, then it can be easy to get off track due to overwhelming debt. A great way to avoid this and stay on top of your financial resolutions is to leave room in your budget to contribute to savings and your emergency fund each month. Having a backup plan helps you be prepared to weather any financial storm that may originate. The second you have a tremendous expense, many people lose sight of their goals and ultimately continue to take on debt because they weren’t prepared.

Have more ways to get back on track with your new years’ financial resolutions? Need advice on how to get out of debt and take control of your finances? Give us a call today or leave a comment below, we’d love to hear from you!

]]>https://attorney-newyork.com/get-back-track-new-years-financial-resolutions-right-way/feed/0How to Better Your Retirement in 2018https://attorney-newyork.com/better-retirement-2018/
https://attorney-newyork.com/better-retirement-2018/#respondFri, 12 Jan 2018 19:03:03 +0000https://attorney-newyork.com/?p=9796You may have reached retirement, but that does not mean you should stop building towards it. Just like all stages of life, it is important to make sure you give it your all so you get the most out of your investment in yourself. Keep Track of Your Spending Financial experts recommend only withdrawing 4% […]

]]>You may have reached retirement, but that does not mean you should stop building towards it. Just like all stages of life, it is important to make sure you give it your all so you get the most out of your investment in yourself.

Keep Track of Your Spending

Financial experts recommend only withdrawing 4% of your funds per year while in retirement which should sustain you without ever running out. This number is supposed to cover your basic living expenses as well as one “big-ticket” item such as a vacation or home renovations. You can help ensure your money lasts buy avoiding taking from your principal and only using other sources of income such as social security, investments, and any other source of income you may have. You can also use tools such as a retirement income calculator to help make sure you have enough to meet your spending goals and live a stress-free retirement. Sometimes, you may need to make a little extra money while in retirement, but that is something to figure out once you have calculated all of your expenses.

Plan What to Do with Your Time

Retirement means you now have more free time than you probably know what to do with. It is important you have some ideas of what you want to do with all of your free-time; whether you decide to take an art class, a cooking class, maybe get a part-time job, either way, you should think about some hobbies to pursue so you make the most of retirement and avoid boredom. Whatever you decide to do, make sure you are doing what you love, and you are sure to have a better retirement.

Be Spontaneous

Want to take a big vacation? Take it. Feel like getting a massage or a new haircut? Get it. While it is important to live within your means and not blow through your savings, you still should be rewarding yourself for a life’s hard work. You shouldn’t delay any big trips or purchases if your health and finances allow. Don’t rush into a purchase, but don’t be so conservative you waste your retirement. This key to a better retirement is one of the most important because it could make or break it; if you don’t do the things you have always wanted to do then, you never will.

Make Good Friends

Loneliness often leads to physical health issues according to recent research. The feeling of being alone can be stressful which may lead to diseases such as dementia or heart disease. You need to surround yourself with people who you could call in the middle of the night with a crisis who would be by your side (literally). A strong support system is a major key to having a happier and healthier retirement.

Have more ways you can better your retirement? Need help navigating your finances/ debt in retirement? Leave a comment below or give us a call today!